Introduction
Information is crucial in every organization as it provides valuable data to the firm. The company’s operations depend on how much information they have of the market, the customers, competitors, and government regulations and policies. In this case, Samsung is not an exception as they need to get information gathered from relevant and reliable sources. Information can vary from public to private ones as defined in the following list demographic information about customers’ preferences and trends, industry-specific, pictures and diagrams, procedures, signs directing customers to a particular location, monthly financial reports, charts and graphs, emails, mail and faxes, and customers and employee information.
According to Goyal et al. (2020), Samsung depends on three types of information to manage its business in the market. The three types are operational information, tactical and strategic information. Team leaders use helpful information to make decisions in their teams, including restructuring the call monitoring system, improving performance on the floor, and putting people on shifts (Goyal et al., 2020). The second one is the tactical information that helps middle managers make various decisions: using a new marketing tool, setting different productivity goals, and changing the working hours to create a more flexible working routine. Finally, strategic information help seniors make long-term decisions “big picture,” such as: changing the structure of operation, offering new product lines and opening new branches (Čirjevskis, 2019).
However, for all of these steps to be effected in the organization, the company has to have its source of information intact to help provide accurate information. Therefore, these sources of information can either be formal or informal. However, for this case, we shall examine the external sources that include formal ones: industry or government reports, surveys, books and professional journals are the four primary information types that Samsung needs in its development of Samsung Electronics business strategy. On the flip side, the informal sources include customers, call monitoring checklists, other system reports, and automatic call distributor (ACD) reports (Goyal et al., 2020).
The sources will assist in providing accurate system performances and functions and achieving new business requirements. The development of Samsung Electronics’ business strategy through information acquisition will increase pressure on social issues such as sustainability, develop new legislation and taxes, change in the competitive market environment and increased customer incomes (Čirjevskis, 2019). Samsung Electronics Co., Ltd. will need to remain flexible and adaptable to changing external factors that affect its business strategy to continue increasing. With a great decision in implementing a system that will improve profits. Therefore these factors include economic conditions worldwide; technological advancements; customer preferences, competition from other electronics; regulatory changes affecting laws regarding electronic practices; political events such as wars or terrorist attacks; natural disasters like hurricanes or earthquakes that can damage infrastructure or buildings where businesses operate.
Conclusion
Therefore, Samsung finds its external information equally crucial as the other internal ones in developing their new product. The market is changing, and information is power when considering to venture and compete effectively in the market. Therefore, sourcing information from the industry or government reports, surveys, books, and professional journals allows Samsung to narrow its focus to the specific target problems that improve its operations. This information is crucial as potential and current investors require such data to decide whether to invest in the company. The tax authorities, creditors (debenture owners, financial institutions, banks and other lenders), Labor Unions, Securities Exchange Board and Regulatory Agencies (Register of Companies and Department of Company Affairs)
References
Čirjevskis, A. (2019). The role of dynamic capabilities as drivers of business model innovation in mergers and acquisitions of technology-advanced firms. Journal of Open Innovation: Technology, Market, and Complexity, 5(1), 12.
Goyal, S., Ahuja, M., & Kankanhalli, A. (2020). Does the source of external knowledge matter? Examining the role of customer co-creation and partner sourcing in knowledge creation and innovation. Information & Management, 57(6), 103325.
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